Thursday, July 22, 2010

The Importance of Good Faith

I'm sure there's a need for prisoners to have banking services, but one would think security would be a high priority at such an institution. From the Wall Street Journal:
Dwelling House Savings & Loan Association, one of the country's few institutions to provide bank accounts to prisoners, failed last year after regulators warned the Pittsburgh S&L that its computer systems were vulnerable. Dwelling House was later hacked by cyber-thieves, who siphoned as much as $4 million out of its coffers.

Most criminals are truly stupid--unintelligent, uneducated--because criminality tends to not payoff in the long run, and stupid people overweight the short-run payoff. One might therefore conclude that computer theft would not be a concern, but this highlights that bad faith is very important because if there's a will, there's a way. Knowing your customer, or adversary, is very important because their end game often predicts tactical behavior.

2 comments:

J said...

In general, it is advisable to avoid doing business with dishonest people. But in this case it is not clear that the client base had something to do with the bank robbery.

vishal said...

Earning money has online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.
Thanks.